Reaction Paper on PNOY’s 2012 SONAPRESIDENT Benigno S. C. Aquino III delivered on Monday his thirdState of the Nation Address (SONA) at the House of Representatives.As is tradition, he outlined his policy agenda for the rest of his termand gave a detailed progress report to Congress, putting greateremphasis on economic breakthroughs and calling on legislators to acton several measures.
President Benigno S.C. Aquino III delivers his third State of the Nation Addressat the House of Representatives, as Senate president Juan Ponce Enrile andHouse Speaker Feliciano 'Sonny' Belmonte listen in. -- by
"What was once the sick man of Asia now brims with vitality. When wesecured our first positive credit rating action, some said it was pure luck. Nowthat we have had eight, can it still just be luck? When the Philippine Stock Exchange Index first broke 4,000, many wondered if that was sustainable. But now, with so many record highs, we are havingtrouble keeping score: For the record, we have had44, and the index hovers near or above 5,000.In the first quarter of 2012, our GDP grew by 6.4 percent, much higher than projected, the highest growth in the Southeast Asian region, and the secondonly to China in the whole of Asia...Once, we were the debtors; now, we arethe creditors, clearly no laughing matter. Until recently, we had to beg for investments; now, investors flock to us."
: Touting economic gains by citing GDP growth, the stock market, and creditupgrades has been staple fare in previous SONAs. In 2009, President GloriaMacapagal-Arroyo said: “[O]ur economy has posted uninterrupted growth for33 quarters; more than doubled its size from $76 billion to $186 billion. Theaverage GDP growth from 2001 to the first quarter of 2009 is the highest in 43years … Our administration, with the highest average rate of growth,recording multiple increases in investments, with the largest job creation inhistory, and which gets a credit upgrade at the height of a world recession,must be doing something right, even if some of those cocooned in corporateprivilege refuse to recognize it.” The recent announcement that the central bank is lending $1 billion in itsreserves to a European crisis fund through the IMF does not mean the